Account connection v0.1: Manual addition, aggregated balances

[m3tablock]

One of the core operations of Fira is for users to add new accounts. Account connections v0.1 will be:

• manual addition only, meaning users will need to manually input the account info (as opposed to semi-automated using a tool like Plaid, Yodlee, etc.)
• aggregated balance only, meaning multi-holding accounts such as brokerage accounts will be consolidated into a single balance value

As a user I can:

1. Click an "Add Account" button to start the account connection flow
2. Select the type of account under Assets (increases net worth) or liabilities (decreases net worth)
3. Input the account info and add the account

For account connection v0.1, all accounts will have the following metadata:

• Account Name [all]
• Type [cash accounts, investment accounts, cryptocurrencies]
• Balance [all]

Account types

Assets (increases net worth in value)

• Cash accounts - Types: Checking, Savings, Other
• Investments - Types: Brokerage, IRA, 401k. These accounts may have multiple holdings with different unit prices, but for v1 we will simplify to be 1 total holding value. If you have 10 stocks worth $200k, you will simply input $200k
• Cryptocurrencies - Types: Exchange or Wallet
• Real estate - for the market value of homes and real estate investments (no types)
• Other assets - for all other assets that don't fall into the above categories - e.g. cars, collectibles, art or any items of meaningful value (no types)

Liabilities (decreases net worth in value)

• Credit cards - credit cards
• Mortgage - the offsetting liability to a home's market value
• Other liabilities - for all other liabilities that don't fall into the above categories - e.g. miscellaneous debt

Designs

Figma link

Data flow

When an account is added, it should be added (if asset) or subtracted (if liability) from all net worth calculations, including

• Net worth tab, in the net work balance chart and breakdown
• Accounts tab, where users can edit or remove accounts

Open Questions

What about non-USD accounts?

For now, for simplicity and scope reduction, all new accounts will be USD only. In the future we will add the capability for non-USD accounts to be added

What about about an automated account connection flow using Plaid or Yodlee?

This will be added in future versions of the account connection flow UX

What about account management operations?

This will be addressed in a separate issue detailing the account tab / pages. This issue pertains only to account connection flow

[m3tablock]

@harryhexhash @pnwx please review before we begin eng implementation

[m3tablock]

@pnwx feedback: manual transaction entry in v0.1